Insurance - seriously confused
Discussion
OK I've got a Toyota MR2 Mk1 which I got recently. Cost to insure, £302 TPF&T with zero NCD. This is with my wife on the policy as a named driver, even though she only has a provisional it was still over £100 cheaper to put her on it.
That's not the most confusing bit.
I've just got her a Peugeot 106 in the hope of her turning that provisional into a full. Cost to insure (still TPF&T with zero NCD), whether in her name with me a named driver, or my name with her a named driver - £386.
Same broker, and the same insurance co giving the cheapest quote. The MR2's a group 14, and the 106's a group 6. WTF is going on here? The broker talked about the MR2's age (1987) reducing the premium, but that much seems ridiculous.
It's also
annoying that I've got 10 years NCD on a Jap bore-box but I can only use 5 of it. And that I have to pay a full premium for each of three cars when I/we can only drive one at a time.
Moan, moan, moan.
That's not the most confusing bit.
I've just got her a Peugeot 106 in the hope of her turning that provisional into a full. Cost to insure (still TPF&T with zero NCD), whether in her name with me a named driver, or my name with her a named driver - £386.
Same broker, and the same insurance co giving the cheapest quote. The MR2's a group 14, and the 106's a group 6. WTF is going on here? The broker talked about the MR2's age (1987) reducing the premium, but that much seems ridiculous.
It's also
annoying that I've got 10 years NCD on a Jap bore-box but I can only use 5 of it. And that I have to pay a full premium for each of three cars when I/we can only drive one at a time. Moan, moan, moan.
quote:
OK I've got a Toyota MR2 Mk1 which I got recently. Cost to insure, £302 TPF&T with zero NCD. This is with my wife on the policy as a named driver, even though she only has a provisional it was still over £100 cheaper to put her on it.
Its a bugger, init? Apparently having the Mrs (whether married or not) on your policy shows how you're such a mature and responsible type!
quote:
That's not the most confusing bit.
I've just got her a Peugeot 106 in the hope of her turning that provisional into a full. Cost to insure (still TPF&T with zero NCD), whether in her name with me a named driver, or my name with her a named driver - £386.
Also confused
quote:
Same broker, and the same insurance co giving the cheapest quote. The MR2's a group 14, and the 106's a group 6. WTF is going on here? The broker talked about the MR2's age (1987) reducing the premium, but that much seems ridiculous.
Lots of cheap spares around, I guess
quote:
It's also
Moan, moan, moan.
Insurance is one of those businesses where you can have your cake and eat it.
There are two options for maximising your NCB.
The first is to find an insurer who will mirror the NCB on one policy on a new one. When I insured the Chimaera for the first time, Cheam Insurance gave me a full NCB as an introductory discount to mirror the full NCB on the Corrado's policy.
If you have 3 or more cars, then a Portfolio policy may be better. You basically have to put all your eggs in one basket and give them your buildings, contents and motor insurance business, but in return you can have any number of cars covered under the policy. The minimum requirement is full NCB on at least one motor policy I believe, but this is then applied to all your cars, so is especially cost-effective if you are short of an NCB or two like yourself.
I have a friend with a Corrado, a Porsche C2, a Caterham 7, a Passat and something else (I forget which) and he reckons its saved him about £1000 on what he would have expected to pay on insurance for them.
Might be worth looking into.
There's a good summary / descrption of the policy here.
The first is to find an insurer who will mirror the NCB on one policy on a new one. When I insured the Chimaera for the first time, Cheam Insurance gave me a full NCB as an introductory discount to mirror the full NCB on the Corrado's policy.
If you have 3 or more cars, then a Portfolio policy may be better. You basically have to put all your eggs in one basket and give them your buildings, contents and motor insurance business, but in return you can have any number of cars covered under the policy. The minimum requirement is full NCB on at least one motor policy I believe, but this is then applied to all your cars, so is especially cost-effective if you are short of an NCB or two like yourself.
I have a friend with a Corrado, a Porsche C2, a Caterham 7, a Passat and something else (I forget which) and he reckons its saved him about £1000 on what he would have expected to pay on insurance for them.
Might be worth looking into.
There's a good summary / descrption of the policy here.
quote:
OK I've got a Toyota MR2 Mk1 which I got recently. Cost to insure, £302 TPF&T with zero NCD. This is with my wife on the policy as a named driver, even though she only has a provisional it was still over £100 cheaper to put her on it.
If there is someone else on the policy, there theory goes that you can't be driving it all the time... the fact the other person is female (and less prone to expensive claims, according to statistics (lies, damned lies...) reduces the premium.
quote:
I've just got her a Peugeot 106 in the hope of her turning that provisional into a full. Cost to insure (still TPF&T with zero NCD), whether in her name with me a named driver, or my name with her a named driver - £386.
Price is fixed to the highest risk. Add a 17 year old to the policy and it'll climb...
quote:
Same broker, and the same insurance co giving the cheapest quote. The MR2's a group 14, and the 106's a group 6. WTF is going on here? The broker talked about the MR2's age (1987) reducing the premium, but that much seems ridiculous.
Expensive claim on MR2 is less likely... mor elikely to be written off, whereas a write off on the Pug will cost them more...
quote:
It's also
Agreed - SOME insurers do fleet insurance, others will do a mirror policy... there's been a thread or two on this before - worth a search or two.
Podie - former insurance bod.
I'll look into portfolio insurance, thanks for the suggestion.
The value of the cars isn't all that relevant 'cos I've only got TPF&T insurance on them at the moment. The MR2's worth about, hm, £900? (once I've fixed it!) and the 106 cost £1450 from an auction, might be £3k on a main dealer forecourt.
The value of the cars isn't all that relevant 'cos I've only got TPF&T insurance on them at the moment. The MR2's worth about, hm, £900? (once I've fixed it!) and the 106 cost £1450 from an auction, might be £3k on a main dealer forecourt.
quote:
I'll look into portfolio insurance, thanks for the suggestion.
The value of the cars isn't all that relevant 'cos I've only got TPF&T insurance on them at the moment. The MR2's worth about, hm, £900? (once I've fixed it!) and the 106 cost £1450 from an auction, might be £3k on a main dealer forecourt.
Cost of car is not always the issue... it's things like parts and repair. If loads of people buy a certain type of car and stack them... then insurance companies can add funny bits to raise the prices.. quite a common practice...
For the value of these cars, did you get quotes for Fully Comp? Often it's very little extra, but gives so much more protection - especially if someone is injured in an accident... it's not just the car that the insurance covers.
Say the 106 hits the back of something... and "injured" bod goes to theives direct... do you REALLY want to be paying compensation / injury costs yourself?
Limbs and whiplash usually start at around 10k each... going to 50k for the loss of an eye or something, and 100k plus for accidental death. Sobering isn't it?
quote:I thought Third Party insurance covered the third party, not just the third party's car?
For the value of these cars, did you get quotes for Fully Comp? Often it's very little extra, but gives so much more protection - especially if someone is injured in an accident... it's not just the car that the insurance covers.
Say the 106 hits the back of something... and "injured" bod goes to theives direct... do you REALLY want to be paying compensation / injury costs yourself?
quote:
I thought Third Party insurance covered the third party, not just the third party's car?
It does - has to by law - hence the term 'THIRD PARTY, fire and theft'.
The Road Traffic Act 1930 requires drivers to cover themselves against death or bodily injury to third parties (which includes your own passengers) for a minimum of £250k, RTA 1972 requires cover for emergency medical treatment fees (the invoice from the ambulance service for 25 quid for scraping you off the tarmac and taking you to A&E), and RTA 1988 requires cover for damage to third party property (car, garden wall etc). With comprehensive you get cover for damage to your own car, probably some limited life insurance, contents of car cover, and probably some other bits and pieces like hotel stay or onward travel if your motor's fcuked after an insured incident (theft, shunt, fire etc).
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